gips compliant presentation - cantor relief · requirements of the gips standards on a firm-wide...

Efficient Market Advisors, LLC

Taking Income Conservative Portfolio Composite

(888) 327-4600 www.efficient-portfolios.com

GIPS® Compliant Presentation


Taking Income Conservative Strategy Composite

Year Net Return (%)

Benchmark Return (%)

External Dispersion

Benchmark External

Dispersion

Internal Dispersion

# of Portfolios

Composite Assets ($Mil)

Firm Assets ($Mil)

9/30/2016 5.94 5.65 3.94 2.88 NA 67 18.0 599.7 2015 -2.06 -0.10 3.44 3.20 3.31 53 15.8 398.9 2014 1.04 5.17 2.98 3.00 1.30 53 18.2 375.0 2013 4.87 2.69 3.69 3.23 0.67 49 15.9 303.7 2012 6.22 6.29 4.34 3.12 0.75 39 13.7 195.4 2011 2.55 3.99 6.84 4.50 0.67 28 10.9 148.9 2010 7.46 7.76 8.44 6.45 0.90 22 8.2 121.7 2009 11.26 11.34 8.03 6.27 1.89 18 6.9 70.7 2008 -7.05 -6.76 11 0.9 53.0 2007 6.78 7.69 1 0.0 53.5 2006 4.09* 6.45* 3 0.2 46.4

*From 4/1/2006 Composite Creation Date

NA = Data not updated through 9/30/2016

External Dispersion is defined as 3 year Standard Deviation

Standard Deviation used as the Internal Dispersion calculation method

Internal Dispersion not available for composites with less than 6 portfolios for full calendar year

Reporting Currency is US Dollars

Compliance Statement

Efficient Market Advisors, LLC (EMA) claims compliance with the Global Investment Performance Standards (GIPS) and has prepared

and presented this report in compliance with the GIPS standards. EMA has been independently verified for the periods November 1,

2004 through September 30, 2016. Verification assesses whether (1) EMA has complied with all the composite construction

requirements of the GIPS standards on a firm-wide basis, and (2) EMA’s policies and procedures are designed to calculate and

present performance in compliance with the GIPS standards. Verification does not ensure the accuracy of any specific composite

presentation.

Definition of the Firm

EMA is an SEC-registered investment advisor that constructs investment portfolios using Exchange-Traded Funds (ETFs). Founded in

2004 for the sole purpose of managing ETF based separate accounts, EMA serves high net-worth investors, trusts, foundations,

retirement plans and institutions. EMA has one of the longest pure-ETF investment track records in the investment management

industry. EMA utilizes proprietary and third-party research to construct ETF portfolios that offer investors highly-diversified asset

class exposure that is transparent, liquid, low-cost and tax-efficient. EMA’s mission is to deliver superior investment returns over full

market cycles through the implementation of propriety asset allocation processes.

Policies

EMA’s Verification Report and its policies for valuing portfolios, calculating performance and preparing compliant presentations are

available upon request by calling EMA at 888-327-4600.


Taking Income Conservative Strategy Composite

Composite Description

Efficient Market Advisor's Taking Income Conservative Strategy provides a solution for investors who are currently spending their

investment. The Strategy's main objective is to achieve a balanced return by investing in a combination of asset classes. The Strategy

consists of multiple exchange-traded funds (ETFs) and a cash account. Income is derived primarily from investments in fixed income

ETFs and secondarily from equity ETFs. The Taking Income Conservative Strategy is designed for investors with a lower tolerance for

volatility in their portfolio.

Benchmark

Effective April 18, 2016, EMA changed the composite benchmark to a blend of 18% MSCI All Country World Index, 74% Barclays US

Aggregate Bond Index, 6% HFRX Global Hedge Fund Index and 2% Barclays US 1-3 Month Treasury Bill Index. From March 11, 2015

to April 18, 2016, EMA used a blended benchmark consisting of 20% MSCI All Country World Index and 80% Barclays US Aggregate

Bond Index. Prior to that, the benchmark was the Morningstar US Separate Account Conservative Allocation. The change in the

benchmark was made to more accurately reflect the composite’s investment characteristics. The blended benchmark is calculated

daily and rebalanced quarterly.

MSCI All Country World Index (ACWI): A free float-adjusted market capitalization-weighted index that is designed to measure the

equity market performance of developed and emerging markets. The MSCI ACWI consists of 46 country indices comprising 23

developed and 23 emerging market country indices.

Barclays US Aggregate Bond Index: A broad-based, market capitalization-weighted benchmark that measures the investment grade,

US dollar denominated, fixed rate taxable bond market, which includes Treasuries, government related and Corporate securities.

HFRX Global Hedge Fund Index: The HFRX Global Hedge Fund Index is designed to be representative of the overall composition of

the hedge fund universe. It is comprised of all eligible hedge fund strategies; including but not limited to convertible arbitrage,

distressed securities, equity hedge, equity market neutral, event driven, macro, merger arbitrage, and relative value arbitrage. The

strategies are asset weighted based on the distribution of assets in the hedge fund industry.

Barclays US 1-3 Month Treasury Bill Index: Includes all publicly issued zero-coupon US Treasury Bills that have a remaining maturity

of less than 3 months and more than 1 month, are rated investment grade, and have $250 million or more of outstanding face value.

The securities must be denominated in US dollars and must be fixed rate and non convertible.

Fees

Returns are presented net of actual management fees, custodial fees, withholding taxes and all trading expenses.

The firm’s maximum permitted fee schedule is:

$0-$500,000 2.00%

$500,000-$1,000,000 1.75%

$1,000,000-$2,500,000 1.50%

>$2,500,000 Negotiable

Not withstanding the above fee schedule is generally negotiable.

List of Composites

A list of all composite descriptions is available upon request.


Taking Income Moderate Strategy Composite

Year Net Return (%)


External Dispersion

Benchmark External

Dispersion

Internal Dispersion

# of Portfolios


Firm Assets ($Mil)

9/30/2016 5.56 5.65 4.38 2.88 NA 128 30.1 599.7 2015 -2.59 -0.10 3.97 3.20 0.70 105 22.1 398.9 2014 0.93 5.17 3.63 3.00 1.22 83 17.6 375.0 2013 6.06 2.69 4.63 3.23 0.77 66 13.4 303.7 2012 7.58 6.29 5.21 3.12 0.65 44 11.0 195.4 2011 2.07 3.99 7.58 4.50 0.76 35 10.0 148.9 2010 8.21 7.76 9.18 6.45 0.57 33 9.8 121.7 2009 14.36 11.34 8.86 6.27 1.19 18 4.8 70.7 2008 -9.42 -6.76 6.73 5.31 1.37 16 3.1 53.0 2007 4.19 7.69 1.14 12 2.9 53.5 2006 9.96 7.52 0.51 13 2.9 46.4 2005 3.45* 2.88* 2 0.4 9.2













presentation.








Policies




Taking Income Moderate Strategy Composite


Efficient Market Advisor's Taking Income Moderate Strategy provides a solution for investors who are currently spending their



ETFs and secondarily from equity ETFs. The Taking Income Moderate Strategy is designed for investors willing to accept a moderate

level of volatility in their portfolio.

Benchmark



















Fees



$0-$500,000 2.00%

$500,000-$1,000,000 1.75%

$1,000,000-$2,500,000 1.50%



List of Composites



Taking Income Aggressive Strategy Composite

Year Net Return (%)


External Dispersion

Benchmark External

Dispersion

Internal Dispersion

# of Portfolios


Firm Assets ($Mil)

9/30/2016 5.50 5.65 4.81 2.88 NA 41 14.1 599.7 2015 -2.02 -0.10 4.46 3.20 0.85 28 10.3 398.9 2014 1.78 5.17 4.14 3.00 0.82 25 10.6 375.0 2013 6.60 2.69 5.46 3.23 0.63 9 7.4 303.7 2012 8.30 6.29 6.19 3.12 4 1.6 195.4 2011 1.67 3.99 9.21 4.50 2 1.3 148.9 2010 9.22 7.76 11.18 6.45 2 1.0 121.7 2009 18.19 11.34 10.85 6.27 1 0.5 70.7 2008 -12.75 -6.76 8.33 5.31 2 0.5 53.0 2007 2.81 7.69 3 0.4 53.5 2006 12.00* 7.52* 2 0.4 46.4













presentation.








Policies




Taking Income Aggressive Strategy Composite


Efficient Market Advisor's Taking Income Aggressive Strategy provides a solution for investors who are currently spending their



ETFs and secondarily from equity ETFs. The Taking Income Aggressive Strategy is designed for investors who are willing to tolerate a

higher level of volatility in their portfolio.

Benchmark



















Fees



$0-$500,000 2.00%

$500,000-$1,000,000 1.75%

$1,000,000-$2,500,000 1.50%



List of Composites



2-5 Year Conservative Strategy Composite

Year Net Return (%)


External Dispersion

Benchmark External

Dispersion

Internal Dispersion

# of Portfolios


Firm Assets ($Mil)

9/30/2016 5.85 5.75 5.28 3.59 NA 114 23.7 599.7 2015 -2.71 -0.32 4.98 3.83 0.53 88 20.9 398.9 2014 0.93 5.02 4.77 3.63 0.85 76 18.3 375.0 2013 7.77 4.82 6.07 4.21 0.92 57 16.6 303.7 2012 9.83 7.39 7.04 4.53 0.64 40 12.6 195.4 2011 1.29 2.66 9.65 6.16 0.63 28 9.4 148.9 2010 9.74 8.41 10.83 8.27 0.62 15 4.4 121.7 2009 16.38 13.90 10.07 7.90 12 2.3 70.7 2008 -11.17 -11.48 1.77 8 1.9 53.0 2007 3.47 8.13 4 1.8 53.5 2006 4.62* 7.17* 3 1.5 46.4













presentation.








Policies






Efficient Market Advisor's 2-5 Years Conservative Strategy provides a solution for investors who are within two to five years from

needing to begin spending their investment. The Strategy's main objective is to achieve a balanced return by investing in a

combination of asset classes. The Strategy consists of multiple exchange-traded funds (ETFs) and a cash account. Income is derived

primarily from investments in fixed income ETFs and secondarily from equity ETFs. The 2-5 Years Conservative Strategy is designed

for investors with a lower tolerance for volatility in their portfolio.

Benchmark



















Fees



$0-$500,000 2.00%

$500,000-$1,000,000 1.75%

$1,000,000-$2,500,000 1.50%



List of Composites



2-5 Year Moderate Strategy Composite

Year Net Return (%)


External Dispersion

Benchmark External

Dispersion

Internal Dispersion

# of Portfolios


Firm Assets ($Mil)

9/30/2016 5.66 5.75 6.13 3.59 NA 275 65.2 599.7 2015 -3.03 -0.32 5.96 3.83 0.77 225 44.7 398.9 2014 1.74 5.02 5.73 3.63 1.06 179 42.6 375.0 2013 11.09 4.82 7.45 4.21 0.88 152 31.9 303.7 2012 9.72 7.39 8.88 4.53 1.45 116 29.3 195.4 2011 2.34 2.66 11.61 6.16 1.03 93 20.9 148.9 2010 11.99 8.41 13.25 8.27 0.90 70 13.7 121.7 2009 19.99 13.90 12.19 7.90 2.69 40 5.1 70.7 2008 -15.98 -11.48 8.84 6.53 2.06 51 8.1 53.0 2007 3.56 8.13 1.05 42 6.7 53.5 2006 9.36* 8.98* 35 5.6 46.4













presentation.








Policies






Efficient Market Advisor's 2-5 Years Moderate Strategy provides a solution for investors who are within two to five years from



primarily from investments in fixed income ETFs and secondarily from equity ETFs. The 2-5 Years Moderate Strategy is designed for

investors willing to accept a moderate level of volatility in their portfolio.

Benchmark



















Fees



$0-$500,000 2.00%

$500,000-$1,000,000 1.75%

$1,000,000-$2,500,000 1.50%



List of Composites



2-5 Year Aggressive Strategy Composite

Year Net Return (%)


External Dispersion

Benchmark External

Dispersion

Internal Dispersion

# of Portfolios


Firm Assets ($Mil)

9/30/2016 5.90 5.75 6.45 3.59 NA 61 18.5 599.7 2015 -3.41 -0.32 6.39 3.83 0.95 45 11.4 398.9 2014 1.79 5.02 6.31 3.63 2.00 40 8.5 375.0 2013 12.85 4.82 8.52 4.21 0.69 22 5.2 303.7

2012 10.99 7.39 10.25 4.53 1.08 12 1.9 195.4 2011 -0.29 2.66 13.52 6.16 5 0.2 148.9 2010 13.80 8.41 16.39 8.27 0.93 9 2.3 121.7 2009 22.80 13.90 15.27 7.90 1.00 7 2.5 70.7 2008 -22.47 -11.48 11.80 6.53 1.04 10 1.9 53.0 2007 1.98 8.13 0.88 11 2.1 53.5 2006 10.87 8.98 0.38 12 2.0 46.4 2005 9.47* 5.39* 7 1.2 9.2













presentation.








Policies






Efficient Market Advisor's 2-5 Years Aggressive Strategy provides a solution for investors who are within two to five years from



primarily from investments in fixed income ETFs and secondarily from equity ETFs. The 2-5 Years Aggressive Strategy is designed for

investors who are willing to tolerate a higher level of volatility in their portfolio.

Benchmark



















Fees



$0-$500,000 2.00%

$500,000-$1,000,000 1.75%

$1,000,000-$2,500,000 1.50%



List of Composites




Year Net Return (%)


External Dispersion

Benchmark External

Dispersion

Internal Dispersion

# of Portfolios


Firm Assets ($Mil)

9/30/2016 6.62 5.92 6.69 5.48 NA 164 45.5 599.7 2015 -2.59 -0.83 6.17 5.52 0.87 107 31.1 398.9 2014 2.59 4.70 5.70 5.31 0.99 110 33.6 375.0 2013 10.41 9.44 7.53 6.69 0.87 79 32.3 303.7 2012 10.77 9.67 8.96 7.85 0.77 39 10.8 195.4 2011 0.64 -0.18 10.71 9.93 0.65 24 8.2 148.9 2010 11.94 9.68 11.75 12.49 0.48 31 11.2 121.7 2009 19.85 19.36 10.51 11.66 0.39 14 4.4 70.7 2008 -13.60 -20.85 7.91 9.47 2.62 13 7.1 53.0 2007 2.92 9.04 1.54 15 8.9 53.5 2006 9.85 12.10 11 8.7 46.4 2005 2.87* 5.35* 1 0.8 9.2













presentation.








Policies






Efficient Market Advisor's 6-10 Years Conservative Strategy provides a solution for investors who are within six to ten years from



primarily from investments in fixed income ETFs and secondarily from equity ETFs. The 6-10 Years Conservative Strategy is designed

for investors with a lower tolerance for volatility in their portfolio.

Benchmark




Bond Index. Prior to that, the benchmark was the Morningstar US Separate Account Moderate Allocation. The change in the















Fees



$0-$500,000 2.00%

$500,000-$1,000,000 1.75%

$1,000,000-$2,500,000 1.50%



List of Composites




Year Net Return (%)


External Dispersion

Benchmark External

Dispersion

Internal Dispersion

# of Portfolios


Firm Assets ($Mil)

9/30/2016 6.38 5.92 7.07 5.48 NA 454 111.0 599.7 2015 -3.15 -0.83 6.72 5.52 1.04 377 80.9 398.9 2014 2.94 4.70 6.53 5.31 1.22 309 72.4 375.0 2013 13.74 9.44 8.97 6.69 1.10 250 58.7 303.7 2012 12.25 9.67 11.02 7.85 0.89 187 42.3 195.4 2011 -0.16 -0.18 14.32 9.93 1.14 156 33.7 148.9 2010 12.32 9.68 16.47 12.49 4.21 136 30.9 121.7 2009 22.27 19.36 15.07 11.66 1.43 92 18.8 70.7 2008 -21.36 -20.85 11.18 9.47 2.75 81 13.1 53.0 2007 2.50 9.04 5.80 4.25 2.61 86 14.8 53.5 2006 11.69 12.10 1.10 61 12.1 46.4 2005 5.20 6.36 0.43 14 3.3 9.2 2004 5.16* 4.59* 3 1.0 1.6













presentation.








Policies






Efficient Market Advisor's 6-10 Years Moderate Strategy provides a solution for investors who are within six to ten years from



primarily from investments in fixed income ETFs and secondarily from equity ETFs. The 6-10 Years Moderate Strategy is designed for

investors willing to accept a moderate level of volatility in their portfolio.

Benchmark



















Fees



$0-$500,000 2.00%

$500,000-$1,000,000 1.75%

$1,000,000-$2,500,000 1.50%



List of Composites




Year Net Return (%)


External Dispersion

Benchmark External

Dispersion

Internal Dispersion

# of Portfolios


Firm Assets ($Mil)

9/30/2016 6.31 5.92 7.49 5.48 NA 155 52.2 599.7 2015 -3.22 -0.83 7.21 5.52 1.03 69 11.8 398.9 2014 3.24 4.70 6.68 5.31 1.03 57 11.3 375.0 2013 16.07 9.44 9.00 6.69 0.93 40 11.0 303.7 2012 11.50 9.67 11.40 7.85 2.87 28 6.9 195.4 2011 -2.69 -0.18 15.77 9.93 1.16 26 6.2 148.9 2010 15.27 9.68 17.68 12.49 1.51 13 3.1 121.7 2009 26.67 19.36 16.04 11.66 0.89 11 2.5 70.7 2008 -20.33 -20.85 11.07 9.47 4.32 8 3.2 53.0 2007 3.32 9.04 1.41 10 4.0 53.5 2006 14.85 12.10 5 3.5 46.4 2005 1.67* 2.91* 1 0.2 9.2













presentation.








Policies






Efficient Market Advisor's 6-10 Years Aggressive Strategy provides a solution for investors who are within six to ten years from



primarily from investments in fixed income ETFs and secondarily from equity ETFs. The 6-10 Years Aggressive Strategy is designed for

investors who are willing to tolerate a higher level of volatility in their portfolio.

Benchmark



















Fees



$0-$500,000 2.00%

$500,000-$1,000,000 1.75%

$1,000,000-$2,500,000 1.50%



List of Composites




Year Net Return (%)


External Dispersion

Benchmark External

Dispersion

Internal Dispersion

# of Portfolios


Firm Assets ($Mil)

9/30/2016 6.90 6.06 7.83 7.56 NA 118 33.8 599.7 2015 -3.10 -1.41 7.31 7.42 2.15 97 21.2 398.9 2014 2.78 4.35 6.88 7.18 2.54 96 24.5 375.0 2013 15.48 14.22 9.30 9.35 2.56 73 20.5 303.7 2012 12.82 11.92 11.36 11.28 2.88 38 7.5 195.4 2011 0.29 -3.06 14.30 13.83 0.66 30 5.7 148.9 2010 15.04 10.78 15.87 16.89 0.71 25 5.9 121.7 2009 27.63 24.85 14.23 15.58 0.31 14 4.1 70.7 2008 -22.01 -29.45 3.92 6 1.5 53.0 2007 2.24 9.91 1 0.1 53.5 2006 4.04* 10.23* 1 0.1 46.4













presentation.








Policies






Efficient Market Advisor's 11-19 Years Conservative Strategy provides a solution for investors who are within eleven to nineteen

years from needing to begin spending their investment. The Strategy's main objective is to achieve a balanced return by investing in

a combination of asset classes. The Strategy consists of multiple exchange-traded funds (ETFs) and a cash account. Income is derived

primarily from investments in fixed income ETFs and secondarily from equity ETFs. The 11-19 Years Conservative Strategy is

designed for investors with a lower tolerance for volatility in their portfolio.

Benchmark



















Fees



$0-$500,000 2.00%

$500,000-$1,000,000 1.75%

$1,000,000-$2,500,000 1.50%



List of Composites




Year Net Return (%)


External Dispersion

Benchmark External

Dispersion

Internal Dispersion

# of Portfolios


Firm Assets ($Mil)

9/30/2016 6.99 6.06 8.39 7.56 NA 289 61.8 599.7 2015 -3.29 -1.41 8.01 7.42 0.91 249 49.1 398.9 2014 3.30 4.35 7.66 7.18 1.15 213 46.7 375.0 2013 17.70 14.22 10.35 9.35 0.79 168 31.5 303.7 2012 13.80 11.92 12.49 11.28 0.90 115 24.0 195.4 2011 -0.87 -3.06 16.14 13.83 0.76 101 21.1 148.9 2010 15.21 10.78 18.56 16.89 1.26 79 13.0 121.7 2009 26.58 24.85 17.12 15.58 1.49 49 7.2 70.7 2008 -26.11 -29.45 12.93 12.63 1.74 40 4.3 53.0 2007 2.14 9.91 1.53 39 2.5 53.5 2006 12.39 15.28 1.21 23 1.8 46.4 2005 7.59* 8.44* 2 0.4 9.2













presentation.








Policies






Efficient Market Advisor's 11-19 Years Moderate Strategy provides a solution for investors who are within eleven to nineteen years

from needing to begin spending their investment. The Strategy's main objective is to achieve a balanced return by investing in a


primarily from investments in fixed income ETFs and secondarily from equity ETFs. The 11-19 Years Moderate Strategy is designed

for investors willing to accept a moderate level of volatility in their portfolio.

Benchmark



















Fees



$0-$500,000 2.00%

$500,000-$1,000,000 1.75%

$1,000,000-$2,500,000 1.50%



List of Composites




Year Net Return (%)


External Dispersion

Benchmark External

Dispersion

Internal Dispersion

# of Portfolios

Composite Assets ($Mil)^

Firm Assets ($Mil)

9/30/2016 6.74 6.06 8.84 7.56 NA 81 24.0 599.7 2015 -3.25 -1.41 8.45 7.42 0.82 70 25.2 398.9 2014 3.69 4.35 7.99 7.18 0.68 55 17.7 375.0 2013 18.95 14.22 10.78 9.35 0.60 43 10.9 303.7 2012 13.58 11.92 13.39 11.28 2.43 28 6.0 195.4 2011 -1.12 -3.06 17.42 13.83 1.18 20 3.7 148.9 2010 15.57 10.78 20.04 16.89 0.62 17 3.9 121.7 2009 25.74 24.85 18.33 15.58 1.29 13 3.7 70.7 2008 -28.15 -29.45 14.08 12.63 2.98 15 2.5 53.0 2007 0.25 9.91 7.20 12 2.6 53.5 2006 16.51 15.28 1.89 9 2.5 46.4 2005 11.98* 9.33* 5 1.3 9.2







^Non fee paying employee accounts comprise 6.6% of composite assets in 9/30/2016, 5.3% in 2015 7.9% in 2014 and 12.4% in 2013







presentation.








Policies






Efficient Market Advisor's 11-19 Years Aggressive Strategy provides a solution for investors who are within eleven to nineteen years



primarily from investments in fixed income ETFs and secondarily from equity ETFs. The 11-19 Years Aggressive Strategy is designed

for investors who are willing to tolerate a higher level of volatility in their portfolio.

Benchmark



















Fees



$0-$500,000 2.00%

$500,000-$1,000,000 1.75%

$1,000,000-$2,500,000 1.50%



List of Composites



20 Plus Year Conservative Strategy Composite

Year Net Return (%)


External Dispersion

Benchmark External

Dispersion

Internal Dispersion

# of Portfolios


Firm Assets ($Mil)

9/30/2016 6.84 6.10 9.16 8.58 NA 107 28.2 599.7 2015 -3.21 -1.71 8.67 8.35 0.76 34 5.8 398.9 2014 4.89 4.17 8.12 8.09 1.07 36 19.1 375.0 2013 19.20 16.54 11.23 10.63 1.47 29 18.0 303.7 2012 15.40 12.97 13.68 12.92 1.03 16 12.1 195.4 2011 -0.56 -4.44 17.56 15.69 0.38 15 4.7 148.9 2010 16.84 11.25 20.38 19.01 0.85 12 4.3 121.7 2009 25.91 27.47 18.40 17.47 0.16 11 1.0 70.7 2008 -30.30 -33.26 2 0.1 53.0 2007 -0.50 10.31 2 0.0 53.5 2006 3.86* 8.24* 1 0.0 46.4













presentation.








Policies




20 Plus Year Conservative Strategy Composite


Efficient Market Advisor's 20 Plus Years Conservative Strategy provides a solution for investors who are in excess of twenty years



primarily from investments in fixed income ETFs and secondarily from equity ETFs. The 20 Plus Years Conservative Strategy is

designed for investors with a lower tolerance for volatility in their portfolio.

Benchmark




Bond Index. Prior to that, the benchmark was the Morningstar US Separate Account Aggressive Allocation. The change in the















Fees



$0-$500,000 2.00%

$500,000-$1,000,000 1.75%

$1,000,000-$2,500,000 1.50%



List of Composites



20 Plus Year Moderate Strategy Composite

Year Net Return (%)


External Dispersion

Benchmark External

Dispersion

Internal Dispersion

# of Portfolios


Firm Assets ($Mil)

9/30/2016 6.96 6.10 9.52 8.58 NA 190 43.6 599.7 2015 -3.37 -1.71 9.32 8.35 0.87 117 23.1 398.9 2014 5.02 4.17 8.75 8.09 0.98 91 14.2 375.0 2013 22.04 16.54 11.92 10.63 0.77 71 12.7 303.7 2012 15.30 12.97 14.53 12.92 0.86 42 7.5 195.4 2011 -1.82 -4.44 18.64 15.69 0.65 36 5.7 148.9 2010 16.85 11.25 21.23 19.01 0.58 36 5.7 121.7 2009 27.65 27.47 19.35 17.47 0.90 25 3.7 70.7 2008 -29.59 -33.26 14.54 14.15 0.80 19 1.8 53.0 2007 2.06 10.31 8.12 6.68 0.62 24 2.4 53.5 2006 15.63 16.81 0.94 13 1.8 46.4 2005 7.98* 8.70* 5 0.4 9.2













presentation.








Policies




20 Plus Year Moderate Strategy Composite


Efficient Market Advisor's 20 Plus Years Moderate Strategy provides a solution for investors who are in excess of twenty years from



primarily from investments in fixed income ETFs and secondarily from equity ETFs. The 20 Plus Years Moderate Strategy is designed

for investors willing to accept a moderate level of volatility in their portfolio.

Benchmark



















Fees



$0-$500,000 2.00%

$500,000-$1,000,000 1.75%

$1,000,000-$2,500,000 1.50%



List of Composites



20 Plus Year Aggressive Strategy Composite

Year Net Return (%)


External Dispersion

Benchmark External

Dispersion

Internal Dispersion

# of Portfolios

Composite Assets ($Mil)^

Firm Assets ($Mil)

9/30/2016 6.97 6.10 9.76 8.58 NA 149 29.0 599.7 2015 -3.20 -1.71 9.61 8.35 0.87 132 25.1 398.9 2014 4.85 4.17 9.12 8.09 1.30 104 19.2 375.0 2013 23.54 16.54 12.59 10.63 0.80 95 17.0 303.7 2012 15.87 12.97 15.14 12.92 1.06 53 7.7 195.4 2011 -5.56 -4.44 19.34 15.69 0.70 54 6.5 148.9 2010 17.36 11.25 21.54 19.01 0.71 38 3.8 121.7 2009 30.76 27.47 19.82 17.47 4.28 32 2.4 70.7 2008 -29.36 -33.26 15.04 14.15 3.31 25 2.1 53.0 2007 1.10 10.31 9.63 6.68 4.84 45 3.6 53.5 2006 15.72 16.81 1.04 36 3.0 46.4 2005 9.42 8.70 1.16 7 1.0 9.2 2004 9.56* 7.24* 1 0.5 1.6







^Non fee paying employee accounts comprise 14.2% of composite assets in 2012, 14.4% in 2011, 13.6% in 2010, 11.2% in 2009,

16.6% in 2008, 18.1% in 2007, 21.3% in 2006, 31.9% in 2005 and 80.4% in 2004







presentation.








Policies




20 Plus Year Aggressive Strategy Composite


Efficient Market Advisor's 20 Plus Years Aggressive Strategy provides a solution for investors who are in excess of twenty years from



primarily from investments in fixed income ETFs and secondarily from equity ETFs. The 20 Plus Years Aggressive Strategy is designed

for investors who are willing to tolerate a higher level of volatility in their portfolio.

Benchmark



















Fees



$0-$500,000 2.00%

$500,000-$1,000,000 1.75%

$1,000,000-$2,500,000 1.50%



List of Composites


gips compliant presentation - cantor relief · requirements of the gips standards on a firm-wide...

Documents